Skip navigation
Free instant online valuation

Property Features

Back to Blog

The Budget: how will it affect you?

POSTED ON 24 NOVEMBER 2017

Chancellor, Phillip Hammond, announced The Budget on Wednesday; the government’s yearly announcement on the spending of the nation’s money

Homebuyers: Not only did he abolish stamp duty for first time buyers but the chancellor also announced that the help-to-buy scheme will be extended to 2021; confirming an extra £10billion will be put into the scheme.

Brexit: £3billon has also been set aside for Brexit preparations over the next two years; this is in addition to the £700million which has already been spent.

Landlords: The chancellor signalled that the government would look into exploring tax breaks for landlords who offer longer-term secure tenancies.

Young rail commuters: The younger generation will also benefit from the young persons rail card, which is available to those under 27, and will be extended to anyone under 30. Ministers are working with industry figures and aim to launch the new 26-30 card in spring 2018.

Drinkers: The planned 3.9% tax increase on whisky has been scrapped and the duty rates on beer, cider, wine and other spirits will also be frozen. Although, due to the cheap price and high alcohol content, the chancellor ordered a rise in duty on white cider.

Teachers and pupils: Joking that he wanted more maths for everyone, Hammond pledged £27million to improve the teaching of maths in 3,000 schools. Schools will receive an extra £600 for every additional pupil who takes A-level or Core maths. The chancellor also announced plans to train 12,000 computer teachers. However, the budget allowed no extra cash for core school spending.

Tax avoiders: The budget announced minor reforms to tackle tax avoidance and applied income tax to digital companies’ royalties relating to UK sales, which are design to raised £200million.

Survivors of the Grenfell Tower fire: Kensington and Chelsea council will receive an extra £28million for mental health services and regeneration support for the surrounding areas along with a new community space for the Grenfell United group.

Police officers: The budget included no additional funding for the police of England and Wales. The Mayor of London, Sadiq Khan, said: “We are left with no choice but to scrap London’s strategic target for 32,000 police officers that has been in place since 2012.”

Universal credit claimants: A £1.5billion package to help address concerns about the operation of the system. From January, those who need to access up to a month’s worth of universal credit within five days can via an interest-free advance.

Diesel car drivers: From next April, diesel vehicles that don’t meet the latest standards will go up by one tax band; in an aim to fund a £220million clean air fund. However, fuel duty for both petrol and diesel cars will be frozen.

NHS: The budget included £2.8billion of new funding for the NHS over three years. It did not, however, mention any significance to mental health, other than to confirm a green paper being published in December; which will set out the government’s plans to transform mental health services for children and young people.

Smokers: Rates on all tobacco products will increase by 2% above inflation and hand-rolling tobacco will increase by an additional 1%.

 

Back to Blog